James River Group Holdings, which provides casualty reinsurance and excess and surplus lines insurance in the US, filed on Friday with the SEC to raise up to $288 million in an initial public offering.
James River Group originally raised $80 million in an August 2005 IPO, when it listed on the NASDAQ under the symbol JRVR. In December 2007, the company was taken private by a private investor group led by D.E. Shaw and Goldman Sachs (GS). Another Bermudian specialty insurance group, Ironshore (IRSH), submitted an initial filing for an IPO that could raise $300 million in June.
The Hamilton, Bermuda-based company, which was founded in 2002 and booked $392 million in total revenue for the 12 months ended June 30, 2014, plans to list on the NASDAQ under the symbol JRVR. James River Group Holdings initially filed confidentially on October 3, 2014. Keefe Bruyette Woods, UBS Investment Bank, FBR Capital Markets and BMO Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
